Annual Report 2008
For the year ended March 31, 2008

Message from the Chairman and the President

Consolidated Financial Highlights

It is our pleasure to report to you on JTEKT's business performance for the fiscal year ended
March 31, 2008.
Although Japan's economy performed strongly overall during this period thanks to growth insuch areas as exports and private-sector capital expenditures, uncertainty over the economy's
direction grew during the period's last half as a result of surges in raw material costs, financial
market confusion caused by the subprime mortgage problem, dramatic shifts in exchange rates, andother factors.
Regarding economies around the world, while Asian economies led by China maintained ahigh growth rate, the economies of America and other regions showed signs of receding.
With such circumstances as a backdrop, the JTEKT Group endeavored during this period tostrengthen its technology development capability, improve quality, and raise the efficiency of its
manufacturing and sales structures.
As a result of these and other efforts, consolidated sales of 1,157,595 million yen were achieved,
an increase of 132,297 million yen, or 12.9 percent, over the previous term. Concerning profit,
despite such negative factors as rising raw material prices and increased depreciation expense causedby corporate tax law revisions, consolidated operating income of 77,651 million yen was achieved,
an increase of 13,020 million yen, or 20.1 percent, over the previous term. Consolidated net
income was 43,446 million yen, a decline of 1,454 million yen, or 3.2 percent, from the previousterm.
An end-of-term dividend of 13 yen per share was issued, bringing the total dividend for theyear to 24 yen per share (the interim dividend was 11 yen per share), an increase of 5 yen per sharefrom the previous term.
The JTEKT Group will strive to further strengthen its quality control structure, develop andprovide new products that foresee market needs, and solidify its base of profitability through cost
reduction activities in order to meet the expectations of customers and others.
We hope for the continued support and understanding of our shareholders.

Consolidated sales

Consolidated operating income(unit: billions of yen)

1,157

1,200
1,100

1,025

77

70

800

60

724

50

700

500

44

43

〜3/07

〜3/08

40

30

27

44

40

600

(unit: billions of yen)

64

1,000
900

Consolidated net income(unit: billions of yen)

80

Annual Report 2008

20

30

400

20

300

10

200
10

100
0

〜3/06

〜3/07

〜3/08

Net income per share

0

〜3/06

〜3/07

Net assets per share(unit: yen)August 2008

〜3/08

0

〜3/06

Cash dividends per share(unit: yen)(unit: yen)

140.51135.58140

1,200

1,168.42
1,082.87

120

1,000

109.64

22

18
800

16

600

12

60

10
8

400
40

Contents
Message from the Chairman and the President

1

Consolidated Statement of Income and Retained Earnings

9

Consolidated Financial Highlights

2

Consolidated Statement of Cash Flows10

New Products Information

3

Nonconsolidated Balance Sheet

11

Global Topics

4

Nonconsolidated Statement of Income

13

Global Network / Domestic Network

5

Company Profile

14

Consolidated Balance Sheet

7

1

15.00

14

80

President
Motohiko Yokoyama

19.00

20

937.03100

Chairman
Takaya Yamada

24.00

24

6

20

200

0

0

4
2

〜3/06

〜3/07

〜3/08

〜3/06

〜3/07

〜3/08

0

〜3/06

〜3/07

〜3/08

2

New Products Information

Annual Report 2008

Development of rack-cross type electric power steering

Development of FV Series vertical machining centers- World's first application of electric power steering on full-sized SUV -- Aiming for major sales increase in 40th anniversary of entering the machining center field -A rack-cross type electric power steering (RC-EPS) system developedby JTEKT has been adopted by General Motors for use on two full-sized
SUVs.
Full-sized SUVs and pickup trucks conventionally have used hydraulicpower steering systems, but the RC-EPS developed by JTEKT this time
boasts world-class output for an EPS system, enabling it to become theworld's first EPS system to be installed on a full-sized SUV or pickup truck.
Conventionally it has not been possible to use EPS, which provides
steering force by means of an electric motor, on full-sized vehicles withweight over three tons because of insufficient output. In response to thissituation, JTEKT strove to increase the output of its entire lineup of EPS
systems and succeeded in developing not only the RC-EPS system above
but also such other systems as a rack-coaxial type EPS system forapplication on the Lexus LS. JTEKT will continue efforts to increase theoutput of EPS to enable its application on a greater range of vehicles inorder to further contribute to environmental protection.

Rack output N (calculated with stroke ratio of 50mm/rev)
13,500Further increased output

Developed product13,00012,500

Expansion of EPS application toconventional hydraulic range

12,000

Hydraulic range
11,500Conventional EPS range
11,000
2,000

2,500

3,000

3,500

4,000

JTEKT, based on a decision to become a major participant in the fieldof vertical machining centers, has developed four "FV Series" generalpurpose vertical machining centers.
JTEKT has expanded its machine tool business over the years mainly
through efforts to create a full lineup of horizontal machining centers,
resulting in its being a top player in this field, offering a total of 30 suchmachines. Now, JTEKT has determined to utilize the technology it achieved
enabling high productivity and high reliability in horizontal machining
centers to create a full lineup of vertical machining centers and to expand
its presence in this important market.

4,500

Overall vehicle weight (kg)

Original "Eco-bag" distributed to all employees- Some 14,000 bags distributed to promote environmental protection -Development of lightweight hub unit for compact vehicles- 30% reduction in weight while maintaining rigidity and strength JTEKT has developed a lightweight hub unit for compact vehicles
that maintains the rigidity and strength of conventional hub units while
having 30 percent less weight.
Automakers, desiring both to reduce the weight below the springsin order to improve vehicle maneuvering and fuel efficiency and to expand
the design freedom of axle periphery parts, have sought hub units withgreater compactness. However, in recent years significant advances invehicle behavior control have been made and various system control
devices added to the vehicle, which has increased the weight placed on
suspension parts. Accordingly, it has been essential while reducing size andweight to maintain hub unit rigidity and strength.
To develop this new compact, lightweight hub unit, JTEKT utilized adesign method it created based on its wealth of technology and knowhow related to testing and analysis.

Development of low-torque thrust needle roller bearing- Automotive transmission bearing with 50% less rotational torque JTEKT has developed a thrust needle bearing for automotivetransmissions that improves automobile fuel efficiency by having roughly
50 percent less torque than the conventional product.
Approximately 100 to 150 bearings are used in each automobile,and automakers, facing increased pressure from fuel efficiency regulations
aimed at reducing CO2 emissions, are seeking bearings of all types withless torque, smaller size, and lighter weight. In view of this situation, JTEKT
has pursued the development of low-torque thrust needle bearings, some
10 of which are used in each automatic transmission on average, in orderto improve driveline efficiency.
In the developed product, by changing the retainer's cross-sectional
configuration, JTEKT achieved a roughly 50 percent reduction in rotational
torque while maintaining life, high-speed operation, and wear
characteristics equivalent to those of the conventional product.

3

JTEKT distributed an original "Eco-bag" for use in everyday shoppingto each of its approximately 14,000 regular, temporary, and part-time
employees as a part of the company's environmental protection activities.
It is reported that shoppers in Japan use and discard some 30 billion
plastic bags each year. JTEKT's aim in distributing these Eco-bags is both tocontribute to environmental protection by reducing plastic bag
consumption and also to convey President M. Yokoyama's personal requestthat each employee "keep environmental protection in mind in all homeand community activities in order to promote the abundance of society."In this way and others, JTEKT together with all its employees is
endeavoring to be an environmentally friendly "monozukuri" manufacturer.

Global Topics
JABR manufactures two-millionth steering gear in Brazil- Aiming to contribute further to the South American market JTEKT Automotiva Brasil Ltda. (JABR), JTEKT's subsidiary in Brazil manufacturing steering gears for minvans,
pickup trucks and a wide variety of passenger cars, manufactured its two-millionth steering gear around the endof 2007, eight years after starting operations in 1999.

JTEKT (Thailand) Co., Ltd. formed by merger of three subsidiaries- Strengthening operations in the ASEAN region At the end of 2007, JTEKT's three subsidiaries in Thailand merged to form JTEKT (Thailand)Co., Ltd. (JTC), which serves as the regional headquarters company for the ASEAN region. JTEKT
had already established regional headquarters companies in Europe, North America and China,
making JTC the fourth such company. As such, JTC will strive to contribute to JTEKT's global
management of operations.

4Global Network / Domestic Network

Annual Report 2008

Global Network
EuropeNorth America

Regional headquarters

3

Regional headquarters

1

R&D centers

2

R&D centers

2

Steering plants

5

Steering plants

4

Bearing plants

2

Bearing plants

1

Driveline component plants

2

Driveline component plants

1

Sales bases / service centers

8

Sales bases / service centers

4

Sales for the region(unit: billions of yen)

Sales for the region(unit: billions of yen)

160

154

22

231

240

188

200
160

Total

136

149

142

Asia/Oceania, etc. (excluding Japan)

40

Regional headquarters

2

Sales for the region

R&D centers

2120

Steering plants

10

Bearing plants

1

0
〜3/04

〜3/05

Koyo Seiko

〜3/06

〜3/07

JTEKT

〜3/08

52

Driveline component plants

8

Machine tool plants

2
10

JTEKT AUTOMOTIVE DIJONSAINT-ETIENNE S.A.S.

JTEKT TORSEN
EUROPE S.A.

Sales bases / service centers

KOYO BEARINGS(EUROPE) LTD.

TOYODA MITSUIEUROPE GMBH

JTEKT (THAILAND) CO., LTD.

170

81

80

80

13

107

120

120

Total

40

(unit: billions of yen)

120
0
〜3/04

87
80

40

Total

35

JTEKT AUTOMOTIVE(THAILAND) CO., LTD.

Koyo Seiko

〜3/05

〜3/06

〜3/07

〜3/08

JTEKT

61
30

39

0
〜3/05
〜3/04
〜3/06
Koyo SeikoJTEKTDALIAN KOYO WAZHOUAUTOMOBILE BEARING CO., LTD.

〜3/07

〜3/08

TOYODA KOKI DO BRASIL
INDUSTRIA E COMERCIO DE
MAQUINAS, LTDA.

JTEKT AUTOMOTIVE
SOUTH CAROLINA, INC.

JTEKT AUTOMOTIVE TENNESSEEVONORE CO.

KOYO CORPORATION OF U.S.A.
[MANUFACTURING DIV.]

Domestic Network
Research & development centers
No.333, Toichi-cho, Kashihara,
Nara Pref., 634-8555
No.24-1, Kokubu Higanjo-cho,Kashiwara, Osaka, 582-8588

Steering System Operations
Headquarters
No.333, Toichi-cho, Kashihara,
Nara Pref., 634-8555
No.1-10, Miyama, Shinpukuji-cho,Okazaki, Aichi Pref., 444-2106

No.1, Asahi-machi 1-chome, Kariya,
Aichi Pref., 448-8652

Bearing & Driveline Business
Operations Headquarters
Technical centers
Chubu Technical Center
No.1, Kotobuki-cho 1-chome, Toyota,
Aichi Pref., 471-0834
Toubu Technical Center
No.18-2, Shiroyama 1-chome,
Midori-ku, Yokohama,
Kanagawa Pref., 226-0006

No.24-1, Kokubu Higanjo-cho,Kashiwara, Osaka, 582-8588
No.5-3, Tado-cho 1-Chome, Takahama,
Aichi Pref., 444-1323

Machine Tool & Mechatronics
Headquarters
No.1, Asahimachi 1-Chome, Kariya,
Aichi Pref., 448-8652

PlantsKokubu Plant
Kariya Plant
Tokushima Plant
Okazaki Plant
Tokyo Plant
Kagawa Plant
Nara Plant
Higashikariya Plant
Toyohashi Plant
Tadomisaki Plant
Hanazono Plant
Kameyama Plant

Branch offices,business offices
Tokyo Branch Office
Higashinihon Branch Office
Kitakanto Branch OfficeHamamatsu Branch Office

Toyota Branch Office I
Toyota Branch Office II
Nagoya Branch OfficeKansai Branch Office
Nishinihon Branch Office
Utsunomiya Business Office
Mito Business Office
Chiba Business Office
Hokuriku Sales Office
Kobe Business Office
Okayama Business Office
Kyushu Business Office
Fukuoka Sales Office

Major related companies
KOYO MACHINE INDUSTRIES CO., LTD.
TOYOOKI KOGYO CO., LTD.
KOYO SEALING TECHNO CO., LTD.
CNK CO., LTD.
KOYO THERMO SYSTEMS CO., LTD.
KOYO ELECTRONICS INDUSTRIES CO., LTD.
KOYO SALES, LTD.
DAIBEA CO., LTD.
UTSUNOMIYA KIKI CO., LTD.
HOUKO CO., LTD.
TOYODA VAN MOPPES LTD.

Distribution centers
Kansai Distribution Center
Kawai Distribution Center
Chubu Distribution Center
Kanto Distribution Center

Sales & Marketing Headquarters

5

Osaka head office

Nagoya head office

No.5-8, Minamisemba 3-chome,
Chuo-ku, Osaka, 542-8502
Tel. 06-6271-8451

No.7-1, Meieki 4-chome, Nakamura-ku,
Nagoya, Aichi Pref., 450-8515, Japan
Tel. 052-527-1900

No.5-8, Minamisemba 3-chome,
Chuo-ku, Osaka, 542-8502

6

Financial data

Consolidated Balance Sheet

Annual Report 2008

March 31, 2008ASSETS
Current assets:
Cash
Time deposits
Short-term investments
Notes and accounts receivable:
Trade
Unconsolidated subsidiaries and affiliates
Other
Allowance for doubtful accounts
Inventories
Deferred tax assets
Other current assets
Total current assets
Investments and advances:
Investments in securities
Investments in and advances to unconsolidated
subsidiaries and affiliates
Property, plant and equipment:
Buildings and structures
Machinery and equipment
Accumulated depreciation
Land
Construction in progress
Deferred tax assets
Other assets
Total assets

Millions of yen
2008

Thousands of
U.S. dollars
2008￥ 62,563＄ 624,442

995
21,0389,935
209,976

236,788
12,652
18,479267,919(1,036)
266,883
130,423
18,253
7,055
507,2102,363,391
126,274
184,4432,674,108(10,344)2,663,764
1,301,762
182,184
70,415
5,062,478

46,140460,520

22,34568,485223,027
683,547

203,610718,005
921,615(648,185)
273,430
55,957
26,127355,514
22,896
20,715￥974,820

2,032,245
7,166,430
9,198,675(6,469,558)
2,729,117
558,511
260,766
3,548,394
228,534
206,757＄9,729,710

As of March 31, 2008, JTEKT had 93 consolidated subsidiaries and 11 affiliates accounted for by the equity method.
The main ones of each type are shown below.
(Consolidated subsidiaries)
KOYO MACHINE INDUSTRIES CO., LTD.
TOYOOKI KOGYO CO., LTD.
KOYO SEALING TECHNO CO., LTD.
CNK CO., LTD.
KOYO THERMO SYSTEMS CO., LTD.
KOYO ELECTRONICS INDUSTRIES CO., LTD.
KOYO SALES, LTD.
DAIBEA CO., LTD.
UTSUNOMIYA KIKI CO., LTD.
HOUKO CO., LTD.
TOYODA VAN MOPPES LTD.
JTEKT (THAILAND) CO., LTD.
JTEKT AUTOMOTIVE TENNESSEEMORRISTOWN, INC.

7

(Affiliates accounted for by the equity method)
JTEKT AUTOMOTIVE TENNESSEEVONORE CO.
JTEKT AUTOMOTIVE LYON S.A.S.
JTEKT AUTOMOTIVE DIJON SAINT-ETIENNE
S.A.S.
JTEKT AUTOMOTIVE VIRGINIA, INC.
JTEKT AUTOMOTIVE (THAILAND) CO., LTD.
KOYO CORPORATION OF U.S.A.
KOYO BEARINGS (EUROPE) LTD.
KOYO ROMANIA S.A.
TOYODA MACHINERY USA CORP.

FUJIKIKO CO., LTD.
MITSUI SEIKI KOGYO CO., LTD.

LIABILITIES AND NET ASSETS
Current liabilities:
Short-term loans
Current portion of long-term debt
Notes and accounts payable:
Trade
Unconsolidated subsidiaries and affiliates
Construction
Other

Income tax payable
Accrued expenses
Other current liabilities
Total current liabilities
Long-term debt
Accrued indemnities from retirement benefit plan
Accrued severance indemnities for members of the board of directors
and corporate auditors
Deferred tax liabilities
Other liabilities
Total liabilities

Millions of yen
2008

Thousands of
U.S. dollars
2008￥ 56,098＄ 559,918

34,234

341,690

199,229
15,02018,525
17,855
250,629

1,988,516
149,917
184,893
178,2112,501,537

13,37638,392
18,187
410,916

133,505
383,190
181,524
4,101,364

98,20064,775980,141646,518

2,750
4,357
724
581,722

27,45043,487
7,221
5,806,181

Net assets:
Shareholders' equity:
Common stock:
Authorized - 1,200,000 thousand shares
36,855
Issued - 321,370 thousand shares
99,503
Capital surplus
217,333
Retained earnings(355)
Less: Treasury shares
Evaluation and conversion difference:
15,508
Unrealized gain on other securities
6,365
Translation adjustments on foreign currency financial statements
17,889Minority interests in consolidated subsidiaries
393,098
Total net assets
974,820￥
Total liabilities and net assets

367,848
993,146
2,169,207(3,545)
154,790
63,531
178,552
3,923,529＄9,729,710

Conversion rate: ￥100.19 per U.S. dollar

8Financial data

Consolidated Statement of Income and Retained Earnings
For the year ended March 31, 2008

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Other income (expenses):
Interest and dividend income
Interest expense
Foreign currency exchange loss, net
Loss on sales or disposal of property,
plant and equipment, net
Equity in loss of unconsolidated
subsidiaries and affiliates
Other, net
Income before income taxes and items listed below
Income taxes:
Current
Deferred
Minority interests in net income of
consolidated subsidiaries
Net income
Consolidated retained earnings:
Balance at beginning of the year
Net decrease due to thechange in scope of consolidation
Cash dividends
Balance at end of the year
Per share:
Net income
Cash dividends
Weighted average number of common shares
outstanding (thousands)

9

Millions of yen
2008

Thousands of
U.S. dollars
2008￥1,157,595＄11,553,995

949,639
207,956
130,305
77,651

9,478,382
2,075,613
1,300,581
775,032

2,628(4,547)(3,210)26,234(45,385)(32,037)(1,877)(18,732)(453)(3,165)(10,624)(4,523)(31,592)(106,035)

67,027

668,997

22,662(1,866)226,189(18,629)

2,785
43,446

27,796433,641

181,804

1,814,588(1,193)(6,724)￥ 217,333(11,905)(67,117)＄ 2,169,207

Yen

U.S. dollars￥135.58

＄1.35

24.00

0.24

321,370

321,370

Consolidated Statement of Cash Flows

Annual Report 2008

For the year ended March 31, 2008

Millions of yen
2008

Thousands of
U.S. dollars
2008￥67,027＄668,997

51,090509,934453(5,390)(5,014)(1,781)(646)(25,056)
4,080
84,763

4,523(53,795)(50,051)(17,780)(6,450)(250,082)
40,724
846,020

Cash flows from investing activities:
Decrease in time deposits
Increase in marketable securities
Purchases of property, plant and equipment
Proceeds from sales of property, plant and equipment
Increase in investments in securities
Increase in loans receivable
Other, net
Net cash used in investing activities26(13)(60,370)
1,670(2,844)(842)(869)(63,242)266(130)(602,551)
16,670(28,388)(8,407)(8,676)(631,216)

Cash flows from financing activities:
Increase in short-term loans
Increase in long-term debt
Cash dividends
Other, net
Net cash used in financing activities(12,894)
7,178(7,324)(24)(13,064)(128,692)
71,646(73,099)(244)(130,389)

Exchange difference of cash and cash equivalents
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Net increase due to the change in scope of consolidation
Cash and cash equivalents at end of the year

1,172
9,629
72,146
1,788￥83,563

11,698
96,113720,090
17,841＄834,044

Cash flows from operating activities:
Income before income taxes
Depreciation and amortization
Equity in loss of unconsolidated subsidiaries
and affiliates
Notes and accounts receivable
Inventories
Notes and accounts payable
Bonuses to directors and corporate auditors
Payment of income taxes
Other, net
Net cash provided by operating activities

10Financial data

Nonconsolidated Balance Sheet

Annual Report 2008

March 31, 2008ASSETS

Millions of yen
2008

Current assets:
Cash
Short-term investments
Notes and accounts receivable:
Trade
Subsidiaries and affiliates
Other
Allowance for doubtful accounts

Inventories
Deferred tax assets
Other current assets
Total current assets
Investments and advances:
Investments in securities
Investments in and advances to subsidiaries and affiliates
Property, plant and equipment:
Buildings and structures
Machinery and equipment
Accumulated depreciation
Land
Construction in progress
Deferred tax assets
Other assets
Total assets

￥

4,309
21,000Thousands of
U.S. dollars
2008＄

43,005
209,60292,371111,909
11,425
215,705(52)
215,653

921,954
1,116,966
114,035
2,152,955(519)
2,152,436

45,83910,4902,745
300,036

457,516
104,706
27,401
2,994,666

28,522
167,175
195,697

284,684
1,668,577
1,953,261

113,059
387,234
500,293(377,307)122,986
38,997
9,929
171,912
8,173
15,049￥690,867

1,128,452
3,864,994
4,993,446(3,765,922)
1,227,524
389,232
99,105
1,715,861
81,575150,203＄6,895,566

LIABILITIES AND NET ASSETS
Current liabilities:
Short-term loans
Current portion of long-term debt
Notes and accounts payable:
Trade
Subsidiaries and affiliates
Construction
Other

Income tax payable
Accrued expenses
Other current liabilities
Total current liabilities
Long-term debt
Accrued indemnities from retirement benefit plan
Accrued severance indemnities for members of the board of directors
and corporate auditors
Total liabilities
Net assets:
Shareholders' equity:
Common stock:
Authorized - 1,200,000 thousand shares
Issued - 321,370 thousand shares
Capital surplus
Retained earnings
Less: Treasury shares
Evaluation and conversion difference:
Unrealized gain on other securities
Total net assets
Total liabilities and net assets

Millions of yen
2008

Thousands of
U.S. dollars
2008￥ 28,750＄ 286,955

16,071

160,405

108,694
47,572
17,092
6,097
179,455

1,084,874
474,814
170,599
60,855
1,791,142

6,780
16,57014,191
261,817

67,672
165,388
141,640
2,613,202

85,00045,863

848,388457,7611,201
393,881

11,987
3,931,338

36,85599,496146,260(327)

367,848
993,075
1,459,827(3,263)

14,702296,986￥690,867

146,7412,964,228＄6,895,566

Conversion rate: ￥100.19 per U.S. dollar

1112Financial data

Nonconsolidated Statement of Income

Company Profile

For the year ended March 31, 2008

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Other income (expenses):
Interest and dividend income
Interest expense
Foreign currency exchange loss, net
Loss on sales or disposal of property,
plant and equipment, net
Other, net
Income before income taxes
Income taxes:
Current
Deferred
Net income

Millions of yen
2008

Thousands of
U.S. dollars
2008

Profile￥683,176＄6,818,806

596,519
86,65753,53333,124

5,953,880
864,926
534,316
330,610Company nameHead office locations

6,738(1,261)(2,655)67,247(12,581)(26,497)(1,216)(2,988)(1,382)
31,742(12,133)(29,828)(13,792)
316,818

11,000(1,712)
22,454￥

109,791(17,087)
224,114＄

Yen

U.S. dollars

Nagoya head office
No.7-1, Meieki 4-chome, Nakamura-ku, Nagoya, Aichi Pref., 450-8515, Japan
Osaka head office
No.5-8, Minamisemba 3-chome, Chuo-ku, Osaka, 542-8502, Japan
Manufacture and sale of steering systems, bearings,
Main businessdriveline components, machine tools, etc.
Capital36 billion yen
Sales
Consolidated: 1,157 billion yen
Nonconsolidated: 683 billion yen
Number of employees Consolidated: 32,542
Nonconsolidated: 10,023

Members of the Board and Officers
Directors
ChairmanVice Chairman
President

Per share:
Net income
Cash dividends￥70.07

＄0.70

24.00

0.24

Executive Vice President
Senior Executive Director
Senior Executive Director
Senior Executive Director
Senior Executive Director

Weighted average number of common shares
outstanding (thousands)

Annual Report 2008

Senior Executive Director
Senior Executive Director

321,370

321,370

Executive Director
Executive Director
Executive Director
Director

Corporate auditors
Takaya Yamada
Kohshi Yoshida
Motohiko Yokoyama
Toshikatsu Taniguchi
Taisuke Senoo
Masakazu Nagai
Nobuyoshi Hisada
Tetsuo Inui
Takaaki Suzuki
Kazuro Kajiwara
Hiroshi Itoh
Takao Yoneda
Hitoshi Shimatani
Takeshi Uchiyamada

Corporate Auditor
Corporate Auditor
Corporate Auditor
Corporate Auditor
Corporate Auditor

Takuo Sugiyama
Kazuo Takeda
Kiyohiko Yamazaki
Koichi Fukaya
Kyoji Sasazu

Managing Officer
Managing Officer
Managing Officer
Managing Officer
Managing Officer
Managing Officer

Managing officers
Executive Managing Officer
Executive Managing Officer
Executive Managing Officer
Managing Officer
Managing Officer
Managing Officer
Managing Officer
Managing Officer

Managing Officer

Toshihiko Daido
Jiro Nakano
Masakazu Isaka
Kenji Sasaki
Hideo Kuwabara
Masaji Yamamoto
Toshio Hirokawa
Hiroshi Fujii

Managing Officer
Managing Officer
Managing Officer
Managing Officer
Managing Officer
Managing Officer
Managing Officer
Managing Officer

Hiroyuki Kaijima
Ryuichi Kakui
Yoshio Sakai
Tomizou Nakaya
Masayuki Kitamura
Hisashi Matsumoto
Hisami Takagi
Kiyohiro Iritani
Noriya Murase
Motoyasu Nakamura
Naoyasu Sugimoto
Shirou Nakano
Yusuke Horiuchi
Azuma Arai
Tomokazu Takahashi

Shareholder Information as of March 2008 (share quantities in units of 1,000)
1. Number of authorized shares: 1,200,000
Number of issued shares: 321,370
2. Number of shareholders: 21,019
3. Major (top 10) shareholders
Shareholder
Toyota Motor Corporation
The Master Trust Bank of Japan, Ltd.
Denso Corporation
Japan Trustee Services Bank, Ltd.
Nippon Life Insurance Company
Toyota Industries Corporation
Resona Bank, Ltd.
The Sumitomo Trust and Banking Co., Ltd.
Sumitomo Mitsui Banking Corporation
Toyota Tsusho Corporation

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4. Breakdown of shareholders (100% = total issued shares)

No. of shares
72,43520,85917,611
16,09812,361
7,493
6,749
6,729
6,366
5,649

Self-owned shares
232(0.1%)
Individuals
23,671(7.4%)

Financial organizations
116,947(36.4%)

Foreign companies
53,750(16.7%)
Japanese companies
119,643(37.2%)

Securities companies
7,125(2.2%)

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